CPL Concordia opens to two national funds

Italy’s energy services provider CPL Concordia has concluded a deal to sell 49% of its European Gas Network (EGN)to Fondo Sistema Infrastrutture and Fondo PPP Italia.

The operation was worth some €20m, with the two national infrastructure funds being managed by independent asset management companies Fondaco SGR and Orizzonte SGR.

The Fondo Sistema Infrastrutture, which will be managed by Orizzonte SGR, is the infrastructure fund of Italy’s Commerce Chambers, while Fondo PPP Italia, managed by Fondaco SGR with Equiter of Intesa Sanpaolo’s group acting as adviser, is the first Italian infrastructure funds.

EGN, CPL Concordia’s sub-holding, has some AUM of some €100m and supplies gas to above 75,000 clients through a 2,700km network.

Pierluigi Capelli, financial director at CPL Concordia, said: “The operation aims to diversify CPL Concordia’s funding sources in a scenario of high tension for financial markets.”

Dream Capital Partners has acted as intermediary, Orrick Herrington & Sutcliffe took care of legal procedures and PwC and PwC Advisory took the lead on due diligence assessments.

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